Over the course of your home loan, your repayments might need to be adjusted. Depending on the type of your home loan and the type of adjustment, you may have the flexibility to make a change yourself.
Conversely, we may make an alteration at our end to ensure the loan is repaid within the agreed loan term.
Decreasing your repayments
If you have a variable rate home loan with CommBank for which you’re paying principal and interest, and we’ve reduced the interest rate – which reduces the interest you pay – or you’ve gotten ahead on your loan by making extra repayments, you may be able to reduce your home loan repayments to free up some cash.
Increasing your repayments
If you have a variable rate home loan for which you’re paying principal and interest, and you’d like to pay your home loan off faster and reduce the interest you’ll pay over time, you can increase your repayments. You can do this through NetBank too.
If we need to increase your repayment amount because of something like an interest rate rise, or we have to recalculate your payments due to a large redraw or because you’re rolling off a fixed or introductory period, we’ll send you your home loan statement with a letter that outlines:
- Your new required repayment amount
- When this will take effect
- Any other action that you need to take.
You’ll have a minimum of 20 days between receiving this notification and having to make the updated repayment. If you think you’ll have difficulty making this repayment amount, the best thing to do is speak with one of our home loan experts. You can meet with them in branch, call 13 2224 or even Skype them online to discuss the best solution for you.
Making the change to your repayments
To decrease or increase your repayments:
- Log on to NetBank
- Go to the ‘More’ tab and select ‘Manage my accounts’
- On the ‘Change my loan repayments’ page (linked under Home loans) you can see your ‘Estimated required monthly repayment’ – this is the minimum amount you have to pay. You can reduce your repayments to this amount by selecting ‘the minimum required repayment’ under ‘Change my loan repayments to’
- If you would like to change your repayments to a higher amount you can select ‘my chosen amount’ and enter in that amount.
If at any time you would like us to review your repayments, you can speak with someone in branch, call 13 2224 or log on to NetBank.